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VAT reduced or eliminated on textile & handloom items

20
Mar '10
Uttarakhand, Chief Minister Ramesh Pokhriyal Nishank, as a part of his “Mission 2012”, has extended the benefits to the common man the increase in the revenue receipts, which as per estimates, now stand at Rs. 121.59 billion as against 109.52 billion during previous year.

The benefits have been passed mainly by bringing down or abolishing VAT in respect of various items like kerosene, khadi and handloom products.

Products like matches, crackers, candles, gum, fibre, hand-made paper, paperboard, file cover, file board, invitation cards and drawing papers, which are prepared by the Khadi gramudhyog industries now stand exempted from VAT.

This endeavour is being looked upon as a step towards ensuring development of the cottage industry in Uttarakhand, which according to the government, holds the potential to curb unemployment. Also the abolishment of VAT on handloom woollen carpet is meant to bolster the handloom industry.

Moreover, VAT in respect of cotton waste and textile-waste, which is a raw material for preparing pillows and mattresses, has also been brought down from 12.5 percent to four percent.

Fibre2fashion News Desk - India


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